Formed his own racing series, after working for the BBC as a summariser and commentator- the Formula Palmer Audi series. It's first champion was Justin Wilson and Palmer became his manager. In 2004, Palmer and his two business partners became the new owners of 4 UK circuits - Cadwell Park, Oulton Park, Brands Hatch and Snetterton and they now have a pivotal role to play in the future of UK motorsport. Palmer also ran the revived, albeit shortlived, F2 series. Eldest son Jolyon is now racing and became GP2 champion in 2014, and graduated to Formula 1 himself in 2016. Younger son Will has also followed in the family footsteps and became 2015 BRDC Formula 4 Champion. Palmer retired from racing relatively shortly after his last F1 drive in 1989, retiring in 1991 after a brief spell as a test driver for McLaren and in sports and touring cars. Palmer also runs the Bedford Autodrome and has many other business interests.